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If you are looking to buy a property in Chennai, then Old Mahabalipuram Road (OMR), Velachery, Medavakkam, Guduvancheri and Porur should be the ideal choices. As per PropIndex, the quarterly research report of Magicbricks, these five locations are the top five preferred localities in the city for buying properties. All the five have maintained their preference quotient since the last three quarters.

OMR

Being one of the most readily developing locations, today Old Mahabalipuram Road offers maximum ready-to-move-in properties. In addition, OMR houses most of the IT hubs and companies of the city. Since the IT industry is a key economic driver in South Chennai, OMR is the most frequented destination for many. And, thus, the most preferred for a residential property.

“OMR receives a decent housing demand as well as supply. This has resulted in stagnating property values here. Presently, there are more than about 10,000 housing units being constructed here,” says Ranjeeth Rathod, director of DRA Projects Pvt Ltd.

As per the data with Magicbricks, with average property values ranging from Rs 3,700-4,800 per sq ft, one can find maximum properties in the budget of Rs 40-60 lakh on OMR.

Velachery and Medavakkam

“Velachery is off OMR market and the nearby areas, such as Madipakkam, Pallikaranai and Medavakkam where small time developments are plenty in numbers. Apart from being preferred for buying properties, these areas also receive a healthy rental demand. Proximity to the phase I and II of OMR, which include major IT hubs, such as Sholinganallur, Siruseri and Kelambakkam, is the major driving factor for residential demand in these locations,” says Vummidi Barath, joint managing director, BBCL, a development firm based in Chennai.

Presently, the property values in Velachery range from Rs 5,900-7,200 per sq ft and most of the properties are available in a budget range of Rs 60 lakh to 1 crore. In Medavakkam, the values range from Rs 4,100 - 4,900 per sq ft and buyers can find maximum options within Rs 40-60 lakh.

Guduvancheri

While the above locations mostly attract end-users, Guduvancheri is a major attraction for investors too. Located in the outskirts, about 24km from Medavakkam, Guduvancheri is preferred for its affordable property values which range from Rs 3,000-3,500 per sq ft. Majority of the properties in this locality are available in the budget of Rs 20-40 lakh in the form of plotted developments.

Porur

Located in central Chennai, Porur too is an end user’s destination due to the presence of several IT companies. As per the data, Porur is one of the most active localities with several new projects coming up by developers such as Urban Tree Infrastructures, Prestige Estates, Royal Splendour Developers and Akshaya Homes.

Presently, the property values range from Rs 4,600-5,800 per sq ft and most of the properties are available in the budget of Rs 40-60 lakh.

Shradha Goyal, Magicbricks.com Bureau

Shradha Goyal has background in market research and is currently a part of the Content & Research team of Magicbricks.com.